Call Us 1-800-829-5270 ☰ ˟
Southwest Florida Insurance
Call Us: 1-800-829-5270
  • Get A Quote ▼
    • Health
    • Homeowners
    • Auto
    • Specialty Vehicles
    • Business Insurance
    • Life Insurance
  • Our Products ▼
    • Our Products
    • Health ►⤵
      • Health
      • Individual Health
      • Medicare
      • Medical Supplements
      • Vision
      • Dental
      • Hospital Indemnification
      • Long term Care
    • Home ►⤵
      • Homeowners
      • Condo Owners Renters
      • Rental Property Insurance
      • Vacation Rentals
      • Umbrella Policy
      • Flood
    • Auto ►⤵
      • Personal Auto
      • Classic Auto
      • Motorcycle
    • Specialty Vehicles ►⤵
      • Motorhomes
      • RV's Boats
      • Jets Ski
      • Golf Carts
    • Business Insurance ►⤵
      • Liability Insurance
      • Property Insurance
      • Workers Compensation
      • Commercial Auto
    • Life ►⤵
      • Term Life Insurance
      • Permanent Life Insurance
      • Annuities
      • Disability
      • Long Term Care
  • Customer Service ▼
    • Customer Service
    • Make a Payment
    • File a Claim
    • Proof of Insurance or Insurance ID cards
    • Carrier Direct Support
  • Resources ▼
    • Refer A Friend
    • Our Carriers
    • Insurance Glossary
  • Blog ▼
    • Blog
  • About Us ▼
    • Contact Us
    • About Us
    • Our Locations
    • Employee Directory
    • Customer Testimonials
    • Privacy Policy
Health Icon

Health

We browse through a wide variety of coverages and find the right one for you.

Learn More
Auto Icon

Home

We browse through a wide variety of coverages and find the right one for you.

Learn More
Home Icon

Auto

We browse through a wide variety of coverages and find the right one for you.

Learn More
Commercial Icon

Business

We browse through a wide variety of coverages and find the right one for you.

Learn More
Life Icon

Life

We browse through a wide variety of coverages and find the right one for you.

Learn More
Home > Blog > Renting your Home or Condo?…An important point to consider….
MONDAY, AUGUST 15, 2016

Renting your Home or Condo?…An important point to consider….

Beaches3

Soooo….You just purchased a great condominium on Fort Myer Beach, FL.  You purchased the property with your Mom and Dad.  You intend to use the property about 6 weeks out of the year and then list the condo for rental with a local Property Manager/ Realtor, AirBNB, HomeAway or other home sharing rental company.   You actually calculated the rental income when making the purchase decision. This sounds great…..

Until you call your insurance agent……When homeowners or renters head to a home-sharing website to rent out their homes in exchange for income, “most probably do not think through the fact that they’re beginning to engage in a commercial endeavor”.

Homeowners and condo owners insurance policies will have language that excludes “business pursuits”….renting your property for income is a “business pursuit”.  And as soon as an owner creates a business exposure in their home, their homeowners insurance carrier can not only refuse coverage for a related claim—they also have the right to suspend all liability and property coverage.

The Liability Exposure created by “renting” is huge and needs to be a primary consideration.  The “home-sharing businesses” will most likely require you to have Liability Coverage.  If they offer some level of Liability Coverage with the “for rent contract”, the language should be reviewed closely, possibly by your attorney.  You will be wise to secure your own liability and property insurance with all owners listed as “named insured”.  In the case of a condominium, the Association may require proof of insurance and be listed as a “additional named insured”.  If your property is located outside of the USA, be very careful…protecting your assets will take careful planning.

Personal Umbrella Liability policies will not extend to this “Rental Property”.   This is considered a “Commercial” risk and requires a Commercial Umbrella Policy.  Discuss this important “gap” with your insurance agent.

We offer Property and Liability Insurance coverage designed for these rental situations.

Call us at 239-265-9577.

SWFL Insurance Agency, Inc.    www.SWFLAgency.com      Info@SwflAgency.com

 

 

 

 

Posted 3:00 AM

Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015

  • home insurance(9)
  • medicare(5)
  • swfl insurance(5)
  • homeowners insurance(4)
  • medicare insurance(3)
  • medicare plans(3)
  • health insurance(3)
  • life insurance(2)
  • open enrollment(2)
  • catastrophe risk management(1)
  • medicare supplements(1)
  • swfl insuarance(1)
  • wind mitigation(1)
  • hurricanes(1)
  • rate increases(1)
  • expanded tax credit(1)
  • florida blue(1)
  • pet insurance(1)
  • tropical storms(1)
  • property insurance(1)
  • condominium insurance(1)
  • medicare advantage plan(1)
  • flood insurance(1)
  • insurance(1)
  • boat insurance(1)

View Mobile Version

Get In Touch!
1-800-829-5270

Contact Us
Facebook LinkedIn Twitter Google Posts Instagram Icon

Resources

  • Get A Quote
  • About
  • Refer
  • Our Carriers
  • Blog

Contact Us

Fort Myers
8595 College Parkway, Suite 160
Fort Myers, FL 33919

P: 239-489-1212
Naples
2500 Tamiami Trail North, Suite 113
Naples, FL 34103

P: 239-649-4442
Port Charlotte
3718 Tamiami Trail, Suite C
Port Charlotte, FL 33952

P: 941-624-3444
© Copyright 2021. All rights reserved. | Powered by Insurance Website Builder